{"id":23877,"date":"2023-05-12T02:53:38","date_gmt":"2023-05-12T06:53:38","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=23877"},"modified":"2023-05-12T02:53:38","modified_gmt":"2023-05-12T06:53:38","slug":"bitcoin-price-technical-breakdown-could-take-btc-toward-25k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/12\/bitcoin-price-technical-breakdown-could-take-btc-toward-25k\/","title":{"rendered":"Bitcoin Price Technical Breakdown Could Take BTC Toward $25K"},"content":{"rendered":"

Bitcoin price is moving lower below the $28,000 level. BTC is at risk of a downside break toward the $25,000 support in the near term.<\/em><\/p>\n

Bitcoin struggled to recover above the $27,500 and $27,800 resistance levels.
\nThe price is trading below $27,500 and the 100 hourly Simple moving average.
\nThere are two bearish trend lines forming with resistance near $27,000 and $27,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it breaks the $26,750 support zone.<\/p>\n

Bitcoin Price Extends Decline<\/h2>\n

Bitcoin price failed to start a recovery wave above the $27,800 level. BTC remained in a bearish zone<\/a> and settled below the $27,500 support zone.<\/p>\n

The bears were able to push the price below the $27,000 level. A low is formed near $26,720 and the price is now showing a lot of bearish signs. It is still trading below $27,500 and the 100 hourly Simple moving average<\/a>. There are also two bearish trend lines forming with resistance near $27,000 and $27,800 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is likely to face sellers near the $27,000 level or the 23.6% Fib retracement level recent drop from the $28,335 swing high to the $26,720 low.<\/p>\n

The next major resistance is near the $27,350 level. The main resistance is now forming near the next trend line and $27,800. It is close to the 50% Fib retracement level recent drop from the $28,335 swing high to the $26,720 low.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A close above the $27,800 resistance and the 100 hourly Simple moving average might start a decent increase. The next key resistance is near $28,000, above which the price might climb toward the $28,500 resistance.<\/p>\n

More Losses in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $27,500 resistance, it could continue to move down. Immediate support on the downside is near the $26,750 level.<\/p>\n

The next major support is near the $26,500 zone, below which the price might gain bearish momentum. In the stated case, it could revisit the $26,000 level. Any more losses might take Bitcoin toward the $25,000 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $26,750, followed by $26,000.<\/p>\n

Major Resistance Levels \u2013 $27,000, $27,350, and $27,800.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is moving lower below the $28,000 level. BTC is at risk of a downside break toward the $25,000 support in the near term.<\/em><\/p>\n

Bitcoin struggled to recover above the $27,500 and $27,800 resistance levels.
\nThe price is trading below $27,500 and the 100 hourly Simple moving average.
\nThere are two bearish trend lines forming with resistance near $27,000 and $27,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down if it breaks the $26,750 support zone.<\/p>\n

Bitcoin Price Extends Decline<\/h2>\n

Bitcoin price failed to start a recovery wave above the $27,800 level. BTC remained in a bearish zone<\/a> and settled below the $27,500 support zone.<\/p>\n

The bears were able to push the price below the $27,000 level. A low is formed near $26,720 and the price is now showing a lot of bearish signs. It is still trading below $27,500 and the 100 hourly Simple moving average<\/a>. There are also two bearish trend lines forming with resistance near $27,000 and $27,800 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin price is likely to face sellers near the $27,000 level or the 23.6% Fib retracement level recent drop from the $28,335 swing high to the $26,720 low.<\/p>\n

The next major resistance is near the $27,350 level. The main resistance is now forming near the next trend line and $27,800. It is close to the 50% Fib retracement level recent drop from the $28,335 swing high to the $26,720 low.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A close above the $27,800 resistance and the 100 hourly Simple moving average might start a decent increase. The next key resistance is near $28,000, above which the price might climb toward the $28,500 resistance.<\/p>\n

More Losses in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $27,500 resistance, it could continue to move down. Immediate support on the downside is near the $26,750 level.<\/p>\n

The next major support is near the $26,500 zone, below which the price might gain bearish momentum. In the stated case, it could revisit the $26,000 level. Any more losses might take Bitcoin toward the $25,000 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $26,750, followed by $26,000.<\/p>\n

Major Resistance Levels \u2013 $27,000, $27,350, and $27,800.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-23877","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=23877"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/23877\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=23877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=23877"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=23877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}